Google Acquires Nest Labs for $3.2 Billion in Cash [u]

Google has just announced it has acquired Nest Labs, founded by the ‘father of the iPod’, Tony Fadell, for $3.2 billion in cash. Nest is well known for introducing their Nest Learning Thermostat, which has been part of the connected and automated home revolution well underway.

In a press release, Fadell, the CEO of Nest said “We’re thrilled to join Google. With their support, Nest will be even better placed to build simple, thoughtful devices that make life easier at home, and that have a positive impact on the world.”

The statement noted Nest will continue to operate independently of Google and still under Fadell; the transaction will close in the new few months as it’s subject to various closing conditions.